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During a podcast last week, Peter Schiff asked a key question: Who is going to buy all of this US debt?

The US Treasury Department plans to auction off around $1.4 trillion in Treasuries this year. And it won’t end there. The department expects that pace of borrowing to continue over the next several years.

That’s a lot of bonds. Who will buy them? Because the biggest purchasers of US debt aren’t in a buying mood.

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The stock market has continued its upward trajectory through the first two weeks of the new year. In fact, the market has only seen one down day since Jan. 1. Peter Schiff appeared on The Street and opened things up with a bang, calling investors “Oblivious.”

Peter reiterated a message he’s been preaching on his own podcast for weeks – despite what you see in the markets, the US economy is heading for a major crash. We’re partying like it’s 2006 – oblivious to what’s lurking right around the corner.

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They say bells never ring when markets hit the top. But maybe they do and people just don’t listen.

Yesterday, Bloomberg reported China may slow or even stop its purchase of US Treasuries. In other words, a major source of US government debt financing may be pulling out. This comes at the same time the Federal Reserve has committed to shrinking its balance sheet.

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The United States uses the dollar as a weapon to keep other countries in line, but it’s becoming a less and less effective strategy as other nations find ways to minimize their dependence on the greenback.

Pakistan serves as the latest example. Just one day after Pres. Trump blasted the country on Twitter, Pakistan’s central bank announced it was abandoning the dollar and replacing it with the yuan for bilateral trade with China. This is yet another sign of global de-dollarization.

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